Every individual has a large amount of personal data, and this data may often include private, sensitive information, such as account numbers, a birth date, and a Social Security number. This private information may often be used to for identification or transaction purpose, and therefore identity thieves, hackers, fraudsters, and other criminals may try gain unauthorized access to an individual's private information. If an individual's private information is compromised, identity theft, fraud, and other illegal activities may occur, which may damage the individual's finances, access to credit, and reputation. Significant expenditures of money, time, and other resources may be required to make an individual whole, or at least somewhat whole, after private information has been comprised.
Many entities do business with the private, sensitive information of individuals, including without limitation financial institutions, government agencies, and many other commercial and industrial entities. Accordingly, entities place a premium on data security, and face substantial liability if private information is exposed. The needs for data security can discourage or hinder transactions, including by requiring customers or potential customers to provide private information as part of the purchases process. In addition, data security needs can increase costs and divert resources from other uses.
The risk that private information may be compromised may increase with the frequency with which it is used. The more an individual, or an entity on the individual's behalf, engages in transactions that expose or involve private information, the more likely the private information is compromised. In particular, electronic transactions often require the use of private information, and as electronic transactions become an increasingly large share of commercial activity, data security risks also increase. In addition, personal computing devices, such as smartphones, laptops, and tablets, are often used to conduct electronic transactions. Since such devices may rely on wireless data connections and are portable, the risk that some private information is intercepted or stolen may increase.
These and other deficiencies exist. Accordingly, there is a need to provide individuals and entities with an appropriate solution that overcomes these deficiencies to provide data security for private information while facilitating transactions and other activities involving such information.